Retail premises for sale in Blandford Street, Sunderland SR1

£850,000 (£158.91/sq. ft)
Interested in this property? Call +44 191 686 9796 * or Request Details

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Retail premises for sale 5,349 sq. ft*
Tenure: Not available Council tax band: Not available

Property description

Location


The property is situated on busy pedestrianised Blandford Street in the City Centre of Sunderland, close to the Bridges Shopping Centre. Neighbouring occupiers include Holland & Barrett, Yorkshire Bank, Santander Bank, other national retailers and local amenities.


Description


The subject property comprises a brick built retail premises beneath flat roof with retail over ground and first floors.


Accommodation


Ground Floor 259.75m² 2,796ft²
First Floor 237.27m² 2,554ft²
Total 497.02m² 5,349ft²


The tenant


Heron Foods Ltd. Is an English retail chain founded in 1979 and based in Melton with 293 stores as of 1 July 2020 predominantly located in the North of England and the midlands area. Annual performance shown below:

Year End Turnover £434,592,000 £409,205,000 £372,077,000
Profit £9,155,000 £8,228,000 £5,640,000
Shareholder £64,886,000 £55,731,000 £47,503,000


Rating assessment


Description rv Estimated Rates Payable
Shop and Premises £44,750.00 £22,330.25

We are advised that the rateable value of the premises as of 1 April 2017 is £44,750 and we have estimated the accrual rates payable for the current year above. This is based on the standard Small Business Rate of 49.9p in the pound. However, interested parties should confirm the current position with the Local Authority.


EPC rating


C67


The lease


The property is let to Heron Foods Ltd from August 2015 for a term of 17.5 years with a passing rent of £65,680.24 and rental increases linked to cpi (subject to a minimum of 1% and a maximum of 3%) annually compounded.


Asking price


Our client is seeking Freehold offers in the region of £850,000 (eight hundred fifty thousand pounds) reflecting a net yield of 7.32%


VAT


All rents, premiums and purchase prices quoted herein are exclusive of VAT. All offers are to be made to Bradley Hall upon this basis, and where silent, offers will be deemed net of VAT.


Legal costs


Each party is to bear their own legal costs involved in the transaction.


Money laundering regulations


In accordance with the Anti-Money Laundering Regulations the Purchaser/Tenant will be required to provide two forms of identification and proof of the source of income.

Property info

* Sizes listed are approximate. Please contact the agent to confirm actual size.

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Bradley Hall, NE1 on +44 191 686 9796 * (local rate)

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Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Bradley Hall, and do not constitute property particulars. Please contact Bradley Hall for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.

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